What is the difference between a tax return and a tax assessment notice?

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by sibyl , in category: Taxation and Accounting , 9 months ago

What is the difference between a tax return and a tax assessment notice?

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1 answer

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by mandy , 9 months ago

@sibyl 

A tax return and a tax assessment notice are two different documents used in the process of filing and processing taxes.


A tax return is a form that individuals or businesses file with tax authorities to report their income, deductions, and other relevant financial information. It is the form used to calculate the amount of tax owed or the amount of refund due. Taxpayers are usually required to file a tax return annually.


On the other hand, a tax assessment notice is a document sent by the tax authorities to taxpayers after they have filed their tax return. It is a notice informing the taxpayer of the amount of tax they must pay or the amount of refund they are entitled to. The tax assessment notice is based on the tax return information and the calculations made by the tax authorities.


In summary, the tax return is the form filed by the taxpayer to report their financial information, while the tax assessment notice is the document sent by the tax authorities to inform the taxpayer of the final tax amount or refund after reviewing the tax return.